Markets Right Now: Bond yields, stocks climb on strong data

NEW YORK — The latest on developments in financial markets (All times local):

11:45 a.m.

Bond yields climbed and U.S. stock indexes continued their march to record highs after more reports showed the economy continues to strengthen.

The encouraging data released Wednesday could push the Federal Reserve to raise interest rates more aggressively from the record-low rates of the Great Recession.

The yield on the 10-year Treasury note rose to 2.50 per cent, up from 2.47 per cent late Tuesday.

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The increase in bond yields sent high-dividend stocks lower for the second day running. Utilities, real estate companies and phone companies fell. Bank stocks rose.

The Standard & Poor’s 500 index rose 3 points, or 0.1 per cent, to 2,340.

The Dow Jones industrial average rose 69 points, or 0.3 per cent, to 20,575. The Nasdaq composite increased 12 points, or 0.2 per cent, to 5,794.

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9:35 a.m.

Big gains in consumer prices and retail sales are sending bond prices lower and yields higher in early trading. Bank stocks rose along with bond yields, but most other stocks fell.

The yield on the 10-year Treasury note rose to 2.51 per cent Wednesday, up from 2.47 per cent late Tuesday.

The higher bond yields sent high-dividend stocks broadly lower for the second day running. Utilities, real estate companies and phone companies fell more than the rest of the market.

The Standard & Poor’s 500 index fell 1 point to 2,336.

The Dow Jones industrial average rose 20 points, or 0.1 per cent, to 20,525. The Nasdaq composite increased 1 point to 5,784.

More stocks fell than rose on the New York Stock Exchange.

The Associated Press